MEDIOCREDITO ITALIANO (INTESA SANPAOLO GROUP) AND EIB
TO MAKE 200 MILLION EURO AVAILABLE TO MIDCAPS
Milan, 2 December 2013 - Mediocredito Italiano, the Intesa Sanpaolo Group bank specialised in mid-long term credit for SME's, and the European Investment Bank (EIB) have signed a new agreement for the mid-long term financing of Italian Midcaps. This initiative reinforces the consolidated relationship between EIB and the Intesa Sanpaolo Group and is designed to provide the Italian production sector with further support in mitigating the effects of the economic recession and to contribute to the recovery process.
More specifically, the new credit line will be designed to fund Italian Midcap investments, with brokering by Mediocredito Italiano and Leasint, the Intesa Sanpaolo Group leasing company.
The loans will be used for both new and ongoing projects of a value of no greater than 50 million euro with a maximum duration of 12 years.
The credit lines will be made available to businesses in all production sectors: agriculture, crafts, industry, commerce, tourism and services and may involve the purchase, construction, expansion and renovation of buildings; the purchase of plants, equipment, vehicles or machinery; expenses, additional charges and intangible fixed assets connected with the projects, including research, development and innovation costs; the permanent need for working capital connected with business activities. Projects based on pure financial/real estate investments are however excluded from this type of operation.
“We are very proud to be able to make more resources available for the upturn of our small and medium-size enterprises, to whom we dedicate our attention and financial support at all times”, commented Carlo Stocchetti, general manager of Mediocredito Italiano. “This new line with the EIB enables us to support our clients so they can complete ongoing projects and, above all, develop new ones. Only through innovation and by broadening our perspectives also beyond Italy can our industrial fabric make up lost ground and participate competitively in the economic upturn”.
In addition, thanks to its affiliation to the Intesa Sanpaolo Group, Mediocredito Italiano is also committed to providing the Midcap beneficiaries with its own funds, thus increasing the overall credit limit made available to support the Italian economy.
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Last updated 9 December 2013 at 16:41